SYNEX : Cheap Valuation, High Dividend Yield

SYNEX : Weak 4Q22 but Positive 2023 Outlook

SYNEX: Gaming Segment to Grow Significantly in 2022

SYNEX: Maintain Healthy 22E Growth Despite Uncertainties

SYNEX: 4Q21 Net Profit Will Be an All-Time High

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We maintain our BUY rating,but revise and roll-over our TP to Bt24.25(-18% from our previous TP)based on 21.1xPE’23E(+1.0S.D of 10-year trading history). With 2Q22 earnings showing limited impact from inflation</li>
<li>2Q22 earnings saw limited impact 2Q22 net profit was at Bt192m (-9% YoY,-12% QoQ), decreasing YoY and QoQ mainly due to lower equity income from associates. QoQ was also impacted </li>
<li>2Q22 sales was at Bt9.6bn (+14% YoY,-4% QoQ), with growth driven YoY by commercial segment as lockdown eases, but declining QoQ from seasonality. 2H22 and 2023 should mainly be driven</li>
</ul>


We maintain our BUY rating,but revise and roll-over our TP to Bt24.25(-18% from our previous TP)based on 21.1xPE’23E(+1.0S.D of 10-year trading history). With 2Q22 earnings showing limited impact from inflation
2Q22 earnings saw limited impact 2Q22 net profit was at Bt192m (-9% YoY,-12% QoQ), decreasing YoY and QoQ mainly due to lower equity income from associates. QoQ was also impacted 
2Q22 sales was at Bt9.6bn (+14% YoY,-4% QoQ), with growth driven YoY by commercial segment as lockdown eases, but declining QoQ from seasonality. 2H22 and 2023 should mainly be driven


SYNEX : Limited Inflationary Impact on 2Q22 Earnings

Synnex Thailand

SYNEX : Limited Inflationary Impact on 2Q22 Earnings